OSLO, April 4, 2018 /PRNewswire/ -- Nordic Nanovector ASA (OSE: NANO) announces that Luigi Costa, will step down as Chief Executive Officer by mutual agreement with the Board of Directors. A search for a new CEO will begin immediately. To ensure a smooth transition, Mr Costa has agreed to be available to the board until the end of July 2018.
Chairman Ludvik Sandnes said: "On behalf of the Board, I would like to thank Luigi for all his hard work and enthusiasm in leading the company through its initial public offering in 2015 to the point where the company has a strong team and a clear plan to develop the company's promising drug candidate, Betalutin®, which is in late-stage clinical development. We look forward, in due course, to announcing the appointment of a new CEO who will lead the company through the next phase of its growth and development."
Luigi Costa added: "Nordic Nanovector has recently taken a significant hit to its market valuation and credibility with the Norwegian investment community. As CEO, I have to take full responsibility for this. For the good of the company, its employees and investors, I have therefore decided to step down from my position as I hope it will allow the company to receive the support it deserves. I have full confidence that the company's management team will successfully execute the on-going Betalutin® development programme and generate significant value for Nordic Nanovector's shareholders."
An announcement regarding an update to the PARADIGME clinical study has been made separately today.
For further information, please contact:
Ludvik Sandnes, Chairman
Cell: +47 907 43017
International Media Enquiries
Mark Swallow/David Dible/Isabelle Andrews (Citigate Dewe Rogerson)
Tel: +44 207 638 9571
About Nordic Nanovector
Nordic Nanovector is committed to develop and deliver innovative therapies to patients to address major unmet medical needs and advance cancer care. The Company aspires to become a leader in the development of targeted therapies for haematological cancers.
Nordic Nanovector's lead clinical-stage candidate is Betalutin®, a novel CD37-targeting Antibody-Radionuclide-Conjugates (ARC) designed to advance the treatment of non-Hodgkin's Lymphoma (NHL). NHL is an indication with substantial unmet medical need, representing a growing market forecast to be worth nearly USD 20 billion by 2024. Nordic Nanovector intends to retain marketing rights and to actively participate in the commercialisation of Betalutin® in core markets.
The Company is also advancing a pipeline of ARCs and other immunotherapies for multiple cancer indications.
Further information about the Company can be found at www.nordicnanovector.com
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SOURCE Nordic Nanovector